Eaton Vance Corporation (NYSE:EV) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday, October 17th.
According to Zacks, “Eaton Vance Corp.’s principal business is creating, marketing and managing investment funds and providing investment management and counseling services to institutions and individuals.The Company conducts its investment management and counseling business through two wholly-owned subsidiaries, Eaton Vance Management and Boston Management and Research.The Company’s growth has resulted from its ability to develop, offer successfully and manage effectively new funds and to increase the assets of existing Eaton Vance Funds. “
EV has been the topic of a number of other reports. Jefferies Group LLC restated a “hold” rating and issued a $45.00 target price on shares of Eaton Vance Corporation in a research note on Wednesday, June 28th. Deutsche Bank AG started coverage on Eaton Vance Corporation in a research note on Tuesday, October 17th. They issued a “buy” rating and a $57.00 target price on the stock. BidaskClub lowered Eaton Vance Corporation from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. J P Morgan Chase & Co upgraded Eaton Vance Corporation from an “underweight” rating to a “neutral” rating and set a $48.00 target price on the stock in a research note on Thursday, August 24th. Finally, Credit Suisse Group upped their target price on Eaton Vance Corporation from $46.00 to $50.00 and gave the stock a “neutral” rating in a research note on Friday, August 11th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. Eaton Vance Corporation has an average rating of “Hold” and a consensus price target of $50.64.
Shares of Eaton Vance Corporation (NYSE:EV) traded up 1.34% during trading on Tuesday, reaching $51.42. 433,648 shares of the company were exchanged. Eaton Vance Corporation has a one year low of $34.44 and a one year high of $52.36. The company has a 50 day moving average price of $49.16 and a 200-day moving average price of $47.28. The stock has a market capitalization of $5.76 billion, a price-to-earnings ratio of 22.36 and a beta of 1.84.
Eaton Vance Corporation (NYSE:EV) last issued its quarterly earnings data on Wednesday, August 23rd. The asset manager reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). The company had revenue of $393.70 million for the quarter, compared to analysts’ expectations of $398.74 million. Eaton Vance Corporation had a return on equity of 34.47% and a net margin of 18.03%. The business’s revenue for the quarter was up 15.4% on a year-over-year basis. During the same period last year, the company posted $0.56 EPS. Equities analysts predict that Eaton Vance Corporation will post $2.47 EPS for the current year.
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In related news, insider Frederick S. Marius sold 8,915 shares of the firm’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $47.55, for a total transaction of $423,908.25. Following the transaction, the insider now directly owns 30,955 shares in the company, valued at approximately $1,471,910.25. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Payson F. Swaffield sold 71,739 shares of the stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $51.81, for a total value of $3,716,797.59. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 590,084 shares of company stock worth $29,504,562.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. WFG Advisors LP lifted its holdings in Eaton Vance Corporation by 0.6% in the 2nd quarter. WFG Advisors LP now owns 2,337 shares of the asset manager’s stock worth $111,000 after buying an additional 14 shares during the period. Advisor Group Inc. lifted its holdings in Eaton Vance Corporation by 1.0% in the 2nd quarter. Advisor Group Inc. now owns 4,782 shares of the asset manager’s stock worth $225,000 after buying an additional 47 shares during the period. Stratos Wealth Partners LTD. lifted its holdings in Eaton Vance Corporation by 1.0% in the 2nd quarter. Stratos Wealth Partners LTD. now owns 5,081 shares of the asset manager’s stock worth $240,000 after buying an additional 49 shares during the period. Bank of The West lifted its holdings in Eaton Vance Corporation by 0.6% in the 2nd quarter. Bank of The West now owns 7,804 shares of the asset manager’s stock worth $369,000 after buying an additional 50 shares during the period. Finally, Creative Planning lifted its holdings in Eaton Vance Corporation by 3.3% in the 2nd quarter. Creative Planning now owns 5,098 shares of the asset manager’s stock worth $241,000 after buying an additional 163 shares during the period. Institutional investors and hedge funds own 68.86% of the company’s stock.
Eaton Vance Corporation Company Profile
Eaton Vance Corp. is engaged in the business of managing investment funds and providing investment management and advisory services to high-net-worth individuals and institutions. The Company operates as an investment advisor to funds and separate accounts. The Company, through its subsidiaries and other affiliates, manages active equity, income and alternative strategies across a range of investment styles and asset classes, including the United States and global equities, floating-rate bank loans, municipal bonds, global income, high-yield and investment grade bonds.
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